Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Huntington Bancshares, Inc. (NASDAQ: HBAN), Franklin Credit Management Corp. (OTC: FCMC), Intel Corp. (NASDAQ: INTC), Huaneng Power International (NYSE: HNP) and Haemonetics Corp. (NYSE: HAE).
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Here are highlights from Thursday’s Analyst Blog:
HBAN News in the Right Direction
Earlier today, Huntington Bancshares, Inc. (NASDAQ: HBAN) announced it has restructured its credit relationship with the subprime lender Franklin Credit Management Corp. (OTC: FCMC). HBAN acquired this relationship through its acquisition of Sky Financial Group in 2007.
Originally, HBAN had $1.5 billion in problem loans from the FCMC. This restructuring eliminates the last batch, totaling $615 million. It represents a positive development for the potential continued independence of HBAN, and will result in a one-time $160 million after-tax benefit (approximately $0.40 per share) and a 29 basis-point increase in the common equity ratio.
Intel Makes More on Notebooks
Historically, desktops generated the largest sales for Intel Corp. (NASDAQ: INTC), but the revenue crossover point for notebooks happened in the June 2008 quarter.
Management stated that the notebook market was changing rapidly. Corporate customers were the primary buyers of notebooks in the past. However, nearly 50% of consumer PC purchases have now shifted to the mobile platform. While this has boosted the demand for notebooks manifold, there has been some negative pressure on margins. Intel has stayed ahead of this race by consistently introducing superior products with improved functionality.
Huaneng Power Posts Losses
Huaneng Power International (NYSE: HNP) announced its annual operating and financial results for the year ended December 31, 2008.
The utility’s consolidated operating revenue amounted to RMB67.564 billion (equivalent to approximately USD9.886 billion, based on the USD-RMB exchange rate of USD1 to RMB6.8346 as of December 31, 2008), representing a 35.76% increase over 2007 revenue.
Haemonetics Upgraded to Buy
We are moving our recommendation on Haemonetics Corp. (NYSE: HAE) to BUY based upon the continued strong performance seen in blood collection and processing market, the company's strong balance sheet and cash flow positions, and consistent performance. This adds up to good earnings quality.
During the last quarter, sales grew 15.5%, net margin was steady in the 10% range, and management increased its FY09 revenue guidance.
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